[Adopted 3-1-1995 as L.L. No. 2-1995]
The Town Board, pursuant to § 1106-h of the New York State Private Housing Finance Law, hereby exempts from property taxes, for a period of 20 years, the River Road Turnkey Project at Westminster Place, L.P., consisting of a parcel of land located at 3883 East River Road.
Such exemption shall take effect upon the completion of the construction of the project and the transfer of the ownership of the project from the River Road Development Fund Corporation. In lieu of payment of property taxes, Westminster Place, L.P., shall make annual payments to the Town of Henrietta equal to 20% of its annual shelter rents. Shelter rents shall equal gross rents less common utility costs.
On or before the expiration of the exemption period, Westminster Place, L.P., may apply for an additional exemption period of not more than 20 years, subject to approval of the Town Board of both the exemption and a payment-in-lieu schedule described herein.
The Supervisor is hereby authorized to enter into an agreement with Westminster Place, L.P., to implement the tax exemption and the payment-in-lieu schedule described herein.
The agreement shall contain such additional terms and conditions as the Supervisor deems to be appropriate.